輝達 (NVDA) 2012 Q4 法說會逐字稿

Good afternoon.

下午好。

My name is Annetta, and I will be your conference operator today.

我叫安妮塔，今天我將擔任您的會議接線員。

At this time, I would like to welcome everyone to the NVIDIA financial results conference call.

在這個時候，我想歡迎大家參加 NVIDIA 財務業績電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路都已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question and answer session.

演講者發言後，將進行問答環節。

(Operator Instructions).

（操作員說明）。

Thank you.

謝謝你。

I would now like to turn the call over to your host, Rob Csongor, Vice President of Investor Relations.

我現在想將電話轉給您的主持人，投資者關係副總裁 Rob Csongor。

Sir, you may begin.

先生，您可以開始了。

Thank you.

謝謝你。

Good afternoon, and welcome to NVIDIA's conference call on annual and fourth quarter fiscal 2012 results.

下午好，歡迎參加 NVIDIA 關於 2012 財年年度和第四季度業績的電話會議。

With me on the call today from NVIDIA are Jen-Hsun Huang, President and Chief Executive Officer, and Karen Burns, Interim Chief Financial Officer.

NVIDIA 總裁兼首席執行官黃仁勳和臨時首席財務官凱倫伯恩斯今天與我通話。

After our prepared remarks, we will open up the call to a question and answer session.

在我們準備好發言後，我們將打開問答環節的電話。

Please limit yourself to one initial question, with one follow-up.

請將自己限制在一個初始問題上，並進行一次跟進。

Before we begin I'd like to remind you that today's call is being webcast live on NVIDIA's Investor Relations website and is also being recorded.

在我們開始之前，我想提醒您，今天的電話會議正在 NVIDIA 的投資者關係網站上進行網絡直播，並且也正在錄製中。

A replay of the conference call will be available via telephone until February 22, 2012, and the webcast will be available for replay until our conference call to discuss our financial results for our first quarter of fiscal 2013.

電話會議的重播將在 2012 年 2 月 22 日之前通過電話進行，網絡直播將在我們討論 2013 財年第一季度財務業績的電話會議之前進行重播。

The content of today's conference call is NVIDIA's property, and cannot be reproduced or transcribed without our prior written consent.

今天電話會議的內容是 NVIDIA 的財產，未經我們事先書面同意，不得複製或轉錄。

During the course of this call, we may make forward-looking statements based on current expectations.

在本次電話會議期間，我們可能會根據當前的預期做出前瞻性陳述。

These forward-looking statements are subject to a number of significant risks and uncertainties, and our actual results may differ materially.

這些前瞻性陳述受到許多重大風險和不確定性的影響，我們的實際結果可能存在重大差異。

For discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release or Form 10-Q for the quarterly period ended October 30, 2011, and the reports we may file from time to time on Form 8-K filed with the Securities and Exchange Commission.

有關可能影響我們未來財務業績和業務的因素的討論，請參閱今天的收益發布或截至 2011 年 10 月 30 日的季度期間的 10-Q 表格中的披露，以及我們可能不時在表格中提交的報告8-K 向證券交易委員會提交。

All our statements are made as of today, February 15, 2012, based on information available to us as of today, and except as required by law we assume no obligation to update any such statements.

我們所有的聲明都是在今天（2012 年 2 月 15 日）根據我們今天可獲得的信息作出的，除法律要求外，我們不承擔更新任何此類聲明的義務。

Unless otherwise noted, all references to market research or market share numbers throughout the call come from Mercury Research or John Petty Research.

除非另有說明，否則在整個電話會議中對市場研究或市場份額數字的所有引用均來自 Mercury Research 或 John Petty Research。

During this call, we will discuss non-GAAP financial measures.

在本次電話會議中，我們將討論非 GAAP 財務指標。

You can find a reconciliation of these non-GAAP financial measures to GAAP financial measures in our financial release, which is posted on our website.

您可以在我們網站上發布的財務發布中找到這些非公認會計原則財務指標與公認會計原則財務指標的對賬。

Or in the case of our fiscal year 2013 outlook, the reconciliation is posted on our Investor Relations website.

或者就我們的 2013 財年展望而言，對賬將發佈在我們的投資者關係網站上。

With that, let's begin.

有了這個，讓我們開始吧。

After five consecutive quarters of sequential revenue growth, fourth quarter revenue was negatively impacted by the global disk drive shortage, caused by the flooding in Thailand which affected the mainstream GPU segment more than anticipated.

在連續五個季度的收入連續增長之後，第四季度的收入受到了全球磁盤驅動器短缺的負面影響，這是由於泰國洪水對主流 GPU 部分的影響超出預期。

Shipments by some PC OEMs were reduced, and higher disk drive prices constrained the ability of some PC OEM's to include a GPU in their systems.

一些 PC OEM 的出貨量減少，磁盤驅動器價格上漲限制了一些 PC OEM 在其係統中包含 GPU 的能力。

Additionally, the Tegra 2 mobile business declined more rapidly than expected, ahead of devices based on the Tegra 3 processor ramping into production in the first quarter of calendar year 2012.

此外，Tegra 2 移動業務的下滑速度超過預期，領先於基於 Tegra 3 處理器的設備在 2012 日曆年第一季度投入生產。

However, despite tough economic conditions and the exiting of our chipset business, NVIDIA recorded very good results for our full fiscal year 2012.

然而，儘管經濟形勢嚴峻且我們的芯片組業務退出，NVIDIA 在我們 2012 財年的整個財年中仍取得了非常好的業績。

First, our overall GP -- our overall business grew 33%, excluding the chipset business we've been exiting.

首先，我們的整體 GP——我們的整體業務增長了 33%，不包括我們一直在退出的芯片組業務。

Discreet GPU's, including GeForce, Quadro and Tesla grew sharply over the year.

包括 GeForce、Quadro 和 Tesla 在內的離散型 GPU 在這一年中大幅增長。

GPU attach rates remain strong at 53% of consumer PCs, and 36% overall according to Mercury Research Data.

根據 Mercury Research Data 的數據，GPU 連接率在 53% 的消費類 PC 中保持強勁，整體為 36%。

A resurgent Pc gaming market saw games like Battlefield 3 and Modern Warfare 3 record over $1 billion in sales in their first week on the shelves.

復甦的 PC 遊戲市場使《戰地風雲 3》和《現代戰爭 3》等遊戲在上架的第一周就創下了超過 10 億美元的銷售額。

At the time of the launch of Battlefield 3, over 80% of gamers were below the recommended hardware specification to play the game, driving a significant increase in gamer GPU revenues over the year.

在戰地 3 發佈時，超過 80% 的遊戲玩家低於推薦的硬件規格來玩遊戲，這推動了遊戲玩家 GPU 收入的顯著增長。

Our professional solutions business had a record revenue year, driven by large adoption of the Fermi generation of Quadro workstation products, as well as growth in emerging design economies such as India and China.

由於大量採用 Fermi 一代 Quadro 工作站產品，以及印度和中國等新興設計經濟體的增長，我們的專業解決方案業務在這一年取得了創紀錄的收入。

Our Tesla products were selected to power the world's fastest supercomputers, including Oak Ridge National Laboratory's upcoming Titan supercomputer.

我們的 Tesla 產品被選中為世界上最快的超級計算機提供動力，包括橡樹嶺國家實驗室即將推出的 Titan 超級計算機。

In addition, we made major strides in speeding up GPU computing application support and code porting, through our OpenACC and Directives initiative.

此外，通過我們的 OpenACC 和 Directives 計劃，我們在加速 GPU 計算應用程序支持和代碼移植方面取得了重大進展。

And in one of our most important achievements for the year, we established a position in the mobile market.

在我們今年最重要的成就之一中，我們在移動市場上確立了地位。

Tegra products captured share in Tier 1 tablets and smartphones.

Tegra 產品在第 1 層平板電腦和智能手機中佔有一席之地。

Over the course of the year, Tegra products shipped in 14 phones, 34 tablets, and in 18 of the top 20 carriers.

在這一年中，Tegra 產品在 14 款手機、34 款平板電腦和 20 大運營商中的 18 家中出貨。

We designed and shipped three generations of Android devices.

我們設計並交付了三代 Android 設備。

With Tegra 2, we were the first to ship dual-core mobile processors.

借助 Tegra 2，我們率先推出了雙核移動處理器。

And now with Tegra 3, we are the first to ship quad-core processors.

現在有了 Tegra 3，我們率先推出了四核處理器。

The Tegra mobile processor has grown into a multi hundred million dollar business.

Tegra 移動處理器已發展成為價值數億美元的業務。

Looking ahead, while we anticipate continued negative effects from the hard drive shortage, we believe gaming demand will continue to be robust, driven by a combination of our next-generation Kepler architecture and new hit games such as Mass Effect 3 and Diablo 3, both highly anticipated PC games coming in early calendar year 2012.

展望未來，雖然我們預計硬盤短缺將帶來持續的負面影響，但我們相信游戲需求將繼續強勁，這將受到我們下一代 Kepler 架構和新熱門遊戲（如質量效應 3 和暗黑破壞神 3）的組合推動備受期待的 PC 遊戲將於 2012 年初推出。

We believe attach rates will continue to be stable, and that we are well-positioned to grow notebook share with significant new notebook wins in the upcoming Ivy Bridge design cycle.

我們相信附加率將繼續保持穩定，並且我們有能力在即將到來的 Ivy Bridge 設計週期中通過顯著的新筆記本電腦獲勝來增加筆記本電腦的份額。

We are excited about a number of recent announcements we made in the professional space, which we believe will transform the workstation.

我們對最近在專業領域發布的一些公告感到興奮，我們相信這將改變工作站。

First, yesterday, we announced that NVIDIA has joined forces with HP, to introduce the world's first all-in-one workstation, the Quadro-based HP Z1 workstation.

首先，昨天，我們宣布 NVIDIA 與 HP 聯手推出世界上第一款一體化工作站，即基於 Quadro 的 HP Z1 工作站。

The Z1 features a 27-inch display that snaps open, like the hood of a car, so users can easily swap out parts and make upgrades without any tools required.

Z1 配備 27 英寸顯示屏，可以像汽車引擎蓋一樣快速打開，因此用戶無需任何工具即可輕鬆更換零件並進行升級。

This is the first, in an entirely new category of professional workstation, that we believe will tap market segments, where space is a premium and users are unwilling to compromise performance.

這是第一個，在一個全新的專業工作站類別中，我們相信它將進入市場領域，空間是溢價的，用戶不願意犧牲性能。

Second, we announced Maximus, a breakthrough for the workstation industry.

其次，我們宣布了Maximus，這是工作站行業的一項突破。

Maximus enables for the first time, a single workstation to simultaneously handle real-time visualization and compute-intensive simulation, functions which previously required separate steps or separate systems.

Maximus 首次使單個工作站能夠同時處理實時可視化和計算密集型模擬，這些功能以前需要單獨的步驟或單獨的系統。

Design and creative professionals have longed for a machine that could perform these functions simultaneously.

設計和創意專業人士一直渴望能夠同時執行這些功能的機器。

Maximus includes a combination of Quadro and Tesla unifying software technology, and a rigorous certification process for professional applications.

Maximus 結合了 Quadro 和 Tesla 統一軟件技術，以及針對專業應用程序的嚴格認證流程。

We believe Maximus will redefine the workflow in several segments, and that workstations will increasingly ship with multiple GPUs.

我們相信 Maximus 將重新定義多個領域的工作流程，並且工作站將越來越多地配備多個 GPU。

Meanwhile, Tesla continued to make headlines in computational science.

與此同時，特斯拉繼續成為計算科學領域的頭條新聞。

In addition to a number of new supercomputer deployment announcements, we announced breakthroughs in research.

除了一些新的超級計算機部署公告外，我們還宣布了研究方面的突破。

Two of the most important supercomputers in the world, were recently announced in Oak Ridge National Labs' Titan and the NCSA's Blue Waters, both Tesla-based.

世界上最重要的兩台超級計算機最近在橡樹嶺國家實驗室的 Titan 和 NCSA 的 Blue Waters 中宣布，它們都基於特斯拉。

China -- Chinese researchers announced they had achieved a major breakthrough in the race to battle influenza by using NVIDIA Tesla GPUs to create the first computer simulation of a whole H1N1 influenza virus at the atomic level.

中國——中國研究人員宣布，他們在抗擊流感的競賽中取得了重大突破，他們使用 NVIDIA Tesla GPU 創建了第一個原子級別的整個 H1N1 流感病毒的計算機模擬。

With Tegra 3, We believe our mobile business is poised for renewed growth.

借助 Tegra 3，我們相信我們的移動業務有望實現新的增長。

In addition to the release of the first quad-core tablet, the ASUS Transformer Prime, we announced tablet's based on Tegra 3 from a number of T OEMs, Lenovo, CTE, Fujitsu, and Acer.

除了發布首款四核平板電腦 ASUS Transformer Prime 外，我們還發布了來自多家 T OEM、聯想、CTE、富士通和宏碁的基於 Tegra 3 的平板電腦。

We also announced together with ASUS, the first quad-core tablet priced at $249.00, the ASUS 7-inch meMO ME370T.

我們還與華碩一起發布了第一款售價 249.00 美元的四核平板電腦，華碩 7 英寸 meMO ME370T。

Next up, are Tegra 3 phones.

接下來是 Tegra 3 手機。

We're looking forward to announce some of the first ones at Mobile World Congress.

我們期待在世界移動通信大會上公佈一些首批產品。

With innovating and exciting new tablets at the high end, quad-core tablets at the lower price points for consumers, the world's first quad-core smartphones coming soon, and Windows 8 devices later in the year, we remain confident that Tegra 3 will drive a new phase of growth for our mobile business.

隨著高端的創新和令人興奮的新平板電腦、面向消費者的低價四核平板電腦、即將推出的全球首款四核智能手機以及今年晚些時候的 Windows 8 設備，我們仍然相信 Tegra 3 將推動我們的移動業務進入新的增長階段。

With that, let me hand the call over to Karen.

有了這個，讓我把電話交給凱倫。

Thanks, Rob.

謝謝，羅伯。

For the fiscal year 2012, revenue was $4 billion, up 12.8% from the prior year.

2012 財年的收入為 40 億美元，比上年增長 12.8%。

GAAP net (inaudible) -- net income grew 129.5%, resulting in earnings of $0.94 per diluted share, an increase of 118.6% over the prior fiscal year, up $0.43.

GAAP 淨額（聽不清）——淨收入增長 129.5%，攤薄後每股收益為 0.94 美元，比上一財年增長 118.6%，增加 0.43 美元。

Non-GAAP net income grew 54.2%, resulting in earnings of $1.19 per diluted share, an increase of 46.9% over the prior fiscal year of $0.81.

Non-GAAP 淨收入增長 54.2%，攤薄後每股收益為 1.19 美元，比上一財年的 0.81 美元增長 46.9%。

For the fourth quarter, revenue was $953.2 million, down 10.6% from the prior quarter.

第四季度收入為 9.532 億美元，比上一季度下降 10.6%。

As Rob discussed, the hard disk drive shortage had more impact on our mainstream GPU segment than originally anticipated, and our Tegra 2 products declined more rapidly than expected.

正如 Rob 所討論的，硬盤驅動器短缺對我們主流 GPU 市場的影響比最初預期的要大，我們的 Tegra 2 產品下降速度比預期的要快。

GAAP gross margin for the quarter was 51.4%, 0.8% lower than the prior quarter and our original expectations, due to an additional charge in the quarter to settle a patent dispute with Rambus

本季度 GAAP 毛利率為 51.4%，比上一季度和我們最初的預期低 0.8%，原因是本季度為解決與 Rambus 的專利糾紛而收取的額外費用

Non-GAAP gross margin which excluded this charge was 52.5%, consistent with the record gross margin we achieved in Q3.

不計此項費用的非美國通用會計準則毛利率為 52.5%，與我們在第三季度實現的創紀錄毛利率一致。

These results contributed to a GAAP net income of $116 million for the quarter, or $0.19 per diluted share.

這些結果促成了本季度 1.16 億美元的 GAAP 淨收入，即每股攤薄收益 0.19 美元。

And non-GAAP net income was $158.1 million or $0.26 per diluted share.

非 GAAP 淨收入為 1.581 億美元或每股攤薄收益 0.26 美元。

Revenue results by business segment were as follows, our GPU business was down 3.6% quarter-on-quarter, due to the impact of the disk drive shortage on our mainstream GPU desktop and notebook businesses.

按業務分部劃分的收入結果如下，由於磁盤驅動器短缺對我們主流 GPU 台式機和筆記本業務的影響，我們的 GPU 業務環比下降 3.6%。

Our professional business was down 3.6% from the record level achieved in the third quarter.

我們的專業業務較第三季度的創紀錄水平下降了 3.6%。

Our consumer business was down 42.5% sequentially.

我們的消費者業務環比下降 42.5%。

As mentioned previously, this primarily related to the sharp decline in our Tegra 2 products ahead of the ramp of Tegra 3, as well as the seasonal decline in our game console revenue.

如前所述，這主要與我們的 Tegra 2 產品在 Tegra 3 推出之前的急劇下降以及我們遊戲機收入的季節性下降有關。

For GAAP, our outlook for the first quarter is as follows, revenue at $900 million to $930 million, gross margin of 49.2% plus or minus 1%, OpEx at $383 million, and a tax rate at approximately 20%.

對於 GAAP，我們對第一季度的展望如下，收入為 9 億美元至 9.3 億美元，毛利率為 49.2% 正負 1%，運營支出為 3.83 億美元，稅率約為 20%。

For non-GAAP, we expect the following differences from our GAAP outlook.

對於非 GAAP，我們預計與我們的 GAAP 展望存在以下差異。

Gross margin of 49.5% plus or minus 1%, and OpEx at $340 million.

毛利率為 49.5% 正負 1%，運營支出為 3.4 億美元。

Depreciation and amortization are expected in the range of $52 million to $56 million, and capital expenditures in the range of $35 million to $45 million.

折舊和攤銷預計在 5200 萬美元到 5600 萬美元之間，資本支出在 3500 萬美元到 4500 萬美元之間。

Diluted shares are expected to be 622.5 million.

稀釋後的股份預計為6.225億股。

As for the FY '13 outlook, our view of the market has changed, and the outlook we gave in Q3 should no longer be relied upon.

至於 13 財年的展望，我們對市場的看法發生了變化，我們在第三季度給出的展望不應再被依賴。

We are updating our FY '13 outlook as follows, we expect the overall PC market to experience continued headwinds from the disk drive shortage.

我們將 13 財年的展望更新如下，我們預計整個 PC 市場將繼續受到磁盤驅動器短缺的不利影響。

We expect our GPU business to gain share.

我們預計我們的 GPU 業務將獲得份額。

Our professional solutions business is expected to have another record year.

我們的專業解決方案業務有望再創紀錄。

Maximus enables us to sell more than one GPU into our workstation, and new supercomputer centers around the world are anticipating the shipment of Kepler.

Maximus 使我們能夠在我們的工作站中銷售超過一個 GPU，並且世界各地的新超級計算機中心都在期待 Kepler 的出貨。

Tegra this year was $360 million, and we expect it to grow at least 50%.

今年的 Tegra 為 3.6 億美元，我們預計它將至少增長 50%。

We expect gross margins to exit FY '13 at around 52%.

我們預計毛利率將在 52% 左右退出 13 財年。

We expect our OpEx investment in FY '13 to be approximately $1.56 billion on a GAAP basis, and $1.4 billion for non-GAAP.

我們預計我們在 13 財年的運營支出投資在 GAAP 基礎上約為 15.6 億美元，在非 GAAP 基礎上為 14 億美元。

That concludes our prepared remarks.

我們準備好的發言到此結束。

We will now take questions.

我們現在將回答問題。

(Operator Instructions).

（操作員說明）。

And your first question comes from the line of JoAnne Feeney.

你的第一個問題來自 JoAnne Feeney。

Hi, folks, can you hear me okay?

嗨，伙計們，你能聽到我的聲音嗎？

Yes, we can hear you.

是的，我們可以聽到你的聲音。

Terrific.

了不起。

Thanks a lot for taking the call.

非常感謝您接聽電話。

I was wondering if you could give us a little more clarity on the outlook.

我想知道你是否可以讓我們更清楚地了解前景。

In particular, which segments do you see driving the reduction quarter-over-quarter, and why are you expecting the decline in the gross margin?

特別是，您認為哪些細分市場推動了環比下降，您為什麼預計毛利率會下降？

Is it purely volume, or is it mix, or some of both?

它是純粹的音量，還是混合的，或兩者兼而有之？

The top line decline for Q1 is expected to be due to the hard disk drive shortage continuing, as well as a shortage of 28-nanometer wafers.

預計第一季度營收下滑的原因是硬盤驅動器持續短缺，以及 28 納米晶圓短缺。

We're ramping our Kepler generation very hard, and we could use more wavers.

我們正在非常努力地提升我們的開普勒一代，我們可以使用更多的搖擺器。

The gross margin decline is contributed almost entirely to the yields of 28-nanometer being lower than expected.

毛利率下降幾乎完全是由於 28 納米的產量低於預期。

And that is, I guess, unsurprising at this point.

這就是，我想，在這一點上不足為奇。

And because we have -- we use wafer-based pricing now, when the yield is lower, our cost is higher.

而且因為我們有 - 我們現在使用基於晶圓的定價，當產量較低時，我們的成本會更高。

And so we've transitioned to a wafer-based pricing for some time.

所以我們已經過渡到基於晶圓的定價一段時間了。

And our expectation, of course, is that the yields will improve as they have in the previous generation nodes.

當然，我們的期望是產量會像上一代節點一樣提高。

And as the yields improve, our output would increase.

隨著產量的提高，我們的產量也會增加。

And our costs will decline.

我們的成本將會下降。

And that's why we expect to exit the year at 52% or about.

這就是為什麼我們預計今年將以 52% 左右的價格退出。

Your next question comes from the line of Vijay Rakesh with Sterne Agee.

您的下一個問題來自 Vijay Rakesh 和 Sterne Agee。

Mr.

先生。

Rakesh, your line is open.

拉克什，你的線路是開放的。

Okay, next question.

好的，下一個問題。

Let's go on to the next one.

讓我們繼續下一個。

Okay.

好的。

Next question comes from the line of Chris Caso with Susquehanna Financial.

下一個問題來自 Susquehanna Financial 的 Chris Caso。

Hi, thank you.

嗨，謝謝你。

And with regard to the Tegra business, and you gave some outlook for fiscal '13 in general, could you give us some indication as to how that looks as you go through the year?

關於 Tegra 業務，您總體上對 13 財年給出了一些展望，您能否向我們說明一下您在這一年中的情況？

When do the Tegra 3 wins come up?

Tegra 3 的勝利何時到來？

And then perhaps talk about the impact of Windows and Arm, and you talked about that having some potential impact later this year.

然後也許談談 Windows 和 Arm 的影響，你談到今年晚些時候會有一些潛在的影響。

If you could expand on that?

如果你可以擴展呢？

We are expecting to -- Tegra 3, as you know, Tegra 3 tablets are starting to ramp in the marketplace.

我們期待 - Tegra 3，如您所知，Tegra 3 平板電腦開始在市場上大放異彩。

But this quarter, we are expecting to announce and ship Tegra 3 based superphones.

但本季度，我們預計將發布基於 Tegra 3 的超級電話。

And rumors of them are starting to -- and excitement about them is starting to leak.

關於他們的謠言開始——關於他們的興奮開始洩露。

But at Mobile World Congress is when we expect to announce these devices.

但在世界移動通信大會上，我們預計會宣布這些設備。

And we'll expect to announce and ship them this quarter.

我們預計將在本季度宣布並發貨。

And so we're expecting Q1 to be a sharp uptick in Tegra sales and shipments.

因此，我們預計第一季度 Tegra 的銷售和出貨量將大幅上升。

Our expectation is Windows 8 is later in the year.

我們預計 Windows 8 將在今年晚些時候推出。

And Microsoft has given their estimates about Windows 8, and our expectation is that there will be meaningful contributions from Windows 8 later in the year, starting probably in Q3.

微軟已經給出了他們對 Windows 8 的估計，我們預計 Windows 8 將在今年晚些時候做出有意義的貢獻，可能從第三季度開始。

All right.

好的。

And just as a follow-up with respect to kind of what you're seeing in the PC market, and specifically the impact of hard drives, you maybe could give a little more color on that?

作為關於您在 PC 市場上看到的情況的後續行動，特別是硬盤驅動器的影響，您也許可以對此進行更多說明？

Obviously, we've heard from some of your competitors on that.

顯然，我們從您的一些競爭對手那裡聽說過。

And it sounded like that the hard drive availability is, is getting somewhat better, depending on who you talk to.

聽起來硬盤驅動器的可用性正在變得更好，這取決於您與誰交談。

How do you see that playing out, kind of over the next two quarters or so as it impacts your business?

您如何看待這種情況，在接下來的兩個季度左右會影響您的業務？

Well, almost everybody has guided down.

好吧，幾乎每個人都引導了下來。

I think -- I think PC-centric semiconductor companies have guided down on to on average I think about 8% in Q1.

我認為 - 我認為以 PC 為中心的半導體公司在第一季度平均下降了大約 8%。

And so I think everybody is expecting hard drive headwind to continue through Q1, and potentially through Q2.

所以我認為每個人都預計硬盤逆風將持續到第一季度，並可能持續到第二季度。

As far as what we see, Q4 started out, started out with less shortage than we -- than people had predicted.

就我們所見，第四季度開始時，短缺比我們少——比人們預期的要少。

And the reason for that was because there was a lot of channel inventory.

原因是渠道庫存很多。

And people consumed the channel inventory.

人們消費了渠道庫存。

As the channel inventory dried up, prices of disk drives in the channel started to spike.

隨著渠道庫存的枯竭，渠道中的磁盤驅動器價格開始飆升。

And as you know, channel business is a large part of the discreet GPU business.

如您所知，渠道業務是獨立 GPU 業務的很大一部分。

And China is particularly a large region for us, where a large amount of the PC's are built in channel and they're built what we call DIY, so design-it-yourself or build-it-yourself, where we'll design it for you.

中國對我們來說是一個特別大的地區，大量的 PC 是內置渠道的，它們是我們所謂的 DIY 製造的，所以自己設計或自己建造，我們將在那裡設計為你。

And so, you spec the parts, and you go to an IT mall, and they build a PC right there for you.

所以，你指定零件，然後你去一個 IT 商場，他們就在那里為你建造了一台 PC。

And so those part of regions where -- in countries, regions, and countries where people build PCs like that, the spot price of disk drives have increased quite a bit.

因此，在那些地區——在人們建造這樣的個人電腦的國家、地區和國家，磁盤驅動器的現貨價格上漲了很多。

And so, our sense is that that's going to continue through Q1, and potentially through Q2.

因此，我們的感覺是，這將持續到第一季度，並可能持續到第二季度。

Okay.

好的。

Your next question comes from the line of Vijay Rakesh from Sterne Agee.

您的下一個問題來自 Sterne Agee 的 Vijay Rakesh。

Hi.

你好。

Sorry about that.

對於那個很抱歉。

I was just wondering on the F '13 guide, what is your guide for Tegra.

我只是想知道 F '13 指南，你的 Tegra 指南是什麼。

And also, on Tegra 3, what are both the ASPs for Tegra 3 versus Tegra 2?

此外，在 Tegra 3 上，Tegra 3 與 Tegra 2 的 ASP 分別是多少？

We did about $360 million this year in Tegra 2 sales.

今年我們在 Tegra 2 上的銷售額約為 3.6 億美元。

We're expecting at least 50% growth year-over-year.

我們預計每年至少增長 50%。

The vast majority of that will be based on Tegra 3.

其中絕大多數將基於 Tegra 3。

ASPs of Tegra 3 is higher than Tegra 2, and our expectation is that it would stay that way through the year.

Tegra 3 的 ASP 高於 Tegra 2，我們預計這一年將保持這種狀態。

Got it.

知道了。

And on the gross margin line, I think you mentioned 49 here (inaudible) on five year, exiting at 52.

在毛利率線上，我認為您在五年內在這裡提到了 49（聽不清），退出時為 52。

Where do you see the margin improvement coming?

您認為利潤率將在哪裡提高？

When do you see it coming?

你看它什麼時候來？

Our margin -- our margin drag is almost nearly entirely related to 28-nanometer.

我們的邊距——我們的邊距阻力幾乎完全與 28 納米有關。

And so the margin improvement will come entirely from 28-nanometer.

因此，利潤率的提高將完全來自 28 納米。

And TSMC is doing fabulously with 28.

台積電在 28 方面表現出色。

And this year, with 28 relative to 40 is surely a huge improvement.

而今年，28 相對於 40 肯定是一個巨大的進步。

But during transition years, because we have so much of our business tied to the leading edge nodes, and because when we transition GPU's we transition so much of it at once -- and this year, particularly unique this year is that the number of notebook design wins that we have, and the number of 28-nanometer GPU design wins that we have is at -- at OEMs is much, much higher than our previous generation.

但是在過渡時期，因為我們有很多業務都與前沿節點相關聯，而且因為當我們過渡 GPU 時，我們會同時過渡很多 - 今年，特別是今年，筆記本電腦的數量我們擁有的設計勝利，以及我們擁有的 28 納米 GPU 設計勝利的數量——在 OEM 中，遠遠高於我們的上一代產品。

And so all of -- all of the transition of 28 is going to be very fast.

所以所有 - 28 的所有過渡都將非常快。

And so, we're just going to have to continue to work with TSMC and get the yields of 28-nanometer up as fast as possible.

因此，我們將不得不繼續與台積電合作，並儘快提高 28 納米的產量。

And we surely expect that by the end of the year, we're going to be in a pretty good place.

我們當然希望到今年年底，我們將處於一個相當不錯的位置。

We're in a pretty decent place now.

我們現在處於一個相當不錯的地方。

But we just need to get the yields up.

但我們只需要提高產量。

Your next question comes from the line of Kevin Cassidy with Stifel Nicolaus.

您的下一個問題來自 Kevin Cassidy 和 Stifel Nicolaus。

Yes, thanks for taking my question.

是的，謝謝你提出我的問題。

And maybe along the lines of the 28-nanometer yield, have you categorized what the problem is?

也許按照 28 納米的產量，您是否對問題進行了分類？

And is there a fix in place?

是否有解決方案？

And also, I just -- if you got all the product you needed, what kind of gross margins would you have come in?

而且，我只是——如果你得到了你需要的所有產品，你會得到什麼樣的毛利率？

There's no -- there's no particular problem.

沒有——沒有特別的問題。

This is the first major quarter of 28-nanometer shipments.

這是 28 納米出貨量的第一個主要季度。

There have been some shipments, there have been some shipments in previous quarters, but very, very small.

有一些出貨量，前幾個季度也有一些出貨量，但非常非常少。

And so for TSMC, this is probably the first large quarter of shipments, and we're going to continue to improve yields from here.

所以對於台積電來說，這可能是第一個大季度的出貨量，我們將從這裡繼續提高產量。

So there's nothing particularly wrong.

所以沒有什麼特別的錯誤。

There's just early in the learning cycle of a new node, and so we'll improve it with every single, every single ounce.

新節點的學習週期還處於早期階段，因此我們將逐一改進它，每一盎司。

And also this isn't a problem that we can solve.

而且這也不是我們能解決的問題。

Everybody is using the same 28-nanometer, and so this affects all of us, anybody who uses 28-nanometer.

每個人都在使用相同的 28 納米，所以這會影響到我們所有人，任何使用 28 納米的人。

So I think with everybody ramping production, there's going to be a lot more learning cycles, both from us and from other people.

所以我認為隨著每個人都在提高產量，我們和其他人都會有更多的學習週期。

But TSMC is in a good place now, and we just have to keep improving it.

但是台積電現在處於一個很好的位置，我們只需要不斷改進它。

Great.

偉大的。

Thanks.

謝謝。

And just as a follow-up, on the professional services group, can you say what the trend toward mobile workstations is, and how does that affect your revenues for 2013.

作為後續，關於專業服務團隊，您能否說出移動工作站的趨勢是什麼，以及這對您 2013 年的收入有何影響。

The professional solutions group has -- includes notebook workstations.

專業解決方案組——包括筆記本工作站。

And so whether it's HP workstations or mobile workstations or Dell mobile workstations or Fujitsu mobile workstations, Lenovo mobile workstations.

因此，無論是惠普工作站還是移動工作站，還是戴爾移動工作站或富士通移動工作站、聯想移動工作站。

We're delighted when people go mobile because oftentimes they have a mobile workstation as well as a desktop workstation.

當人們使用移動設備時，我們感到很高興，因為他們通常擁有移動工作站和桌面工作站。

Quadro is a standard in all of those workstations, so we are delighted when people go mobile, because oftentimes they have a mobile workstation, as well as a desktop workstation.

Quadro 是所有這些工作站的標準，因此當人們使用移動設備時，我們很高興，因為他們通常擁有移動工作站和桌面工作站。

And so this is a good trend.

所以這是一個很好的趨勢。

Great, thanks.

太謝謝了。

Yes, thanks a lot.

是的，非常感謝。

Your next question comes from the line of Craig Ellis with Caris & Company.

您的下一個問題來自 Caris & Company 的 Craig Ellis。

Thanks for taking the questions.

感謝您提出問題。

There were a couple mentions of notebook share gain.

有幾次提到筆記本電腦的份額增加。

Can you give us a better understanding of how broadly those might exist across different OEMs?

您能否讓我們更好地了解不同 OEM 之間存在的範圍有多大？

And when would we expect to see those more mid-year, more toward the holiday selling season?

我們什麼時候會看到更多的年中，更多的假期銷售旺季？

In the Ivy Bridge generation, also lined up with the 28-nanometer GPU generation, and this is -- this is really toe-to-toe, toe-to-toe competition between the best GPU's in the marketplace, and our Kepler generation which we hope to tell you more about soon, won design wins at virtually every PC OEM in the world.

在 Ivy Bridge 一代中，也與 28 納米 GPU 一代並駕齊驅，這就是市場上最好的 GPU 與我們的 Kepler 一代之間的真正競爭。我們希望很快能告訴您更多關於在世界上幾乎所有 PC OEM 中贏得設計大獎的信息。

And so this is probably the best GPU we've ever built, and the performance and power efficiency is surely the best that we've ever created.

因此，這可能是我們構建過的最好的 GPU，性能和能效肯定是我們構建過的最好的。

And as a result, our notebook penetration and notebook design win this year is expected to be very, very high.

因此，我們今年的筆記本滲透率和筆記本設計勝率預計會非常非常高。

Thanks, Jen-Hsun.

謝謝，仁勳。

And so you're saying that we should expect to see those right away, as Ivy Bridge comes out.

所以你說我們應該期待看到那些，因為常春藤橋出來了。

As a followup on the mobile side of the business with Tegra, you mentioned the 50% growth for this year.

作為 Tegra 移動業務的後續行動，您提到了今年 50% 的增長。

How would the notebooks or the -- the smartphones, superphone side of that business, compare to the tablet side of the business?

筆記本電腦或智能手機、超級手機業務與平板電腦業務相比如何？

Are they both growing about equally, or one significantly more than the other?

它們的增長是否大致相同，或者其中一個明顯高於另一個？

My guess, and of course this is just an estimate, and just a guess at this point, but my guess is that we'll ship more in phones this year, as we did last year in terms of units.

我的猜測，當然這只是一個估計，目前只是一個猜測，但我的猜測是，我們今年的手機出貨量會更多，就像我們去年在單位方面所做的那樣。

And in terms of ASPs, it will probably be close.

就 ASP 而言，它可能會很接近。

Okay.

好的。

And then lastly from me, and this one might be more for Karen.

最後是我，這個可能更適合凱倫。

When the target model was initially established, I think the gross margin was 52%.

最初建立目標模型時，我認為毛利率是 52%。

It looks like it'll -- from the guidance that's been provided and where we start the year, it's going to come in, I think, closer to 50.5%.

看起來它會 - 從提供的指導和我們今年開始的地方來看，我認為它將接近 50.5%。

So what's changed since September?

那麼自 9 月以來發生了什麼變化？

I doubt there's been much of a change, in terms of the plan for 28-nanometer.

我懷疑 28 納米的計劃是否發生了很大變化。

But is it just volume, or what's the delta as we look at where the gross margin target was, and where it is now?

但它只是數量嗎，或者當我們看到毛利率目標在哪里以及現在在哪裡時，增量是多少？

It's yields, yields on 28-nanometers that have come in worse than we've originally anticipated.

它的產量，28 納米的產量比我們最初預期的要差。

And the yield improvement, do you think that is kind of steady through the year, or is that back-end loaded, more in the back half of the fiscal year?

以及產量的提高，你認為這一年是穩定的，還是後端負載更多，在本財年的後半段？

It will be steady through the year.

全年將保持穩定。

And this yield improvement is a function of the number of cycles of learning.

這種產量提高是學習週期數的函數。

And now the cycles of learnings as we've ramped up at TSMC, the cycle of learning has really gone up.

現在，隨著我們在台積電加快學習週期，學習週期確實上升了。

And so my expectation is that the yield improvement will steadily improve through the year.

因此，我的預期是全年產量將穩步提高。

I'm sorry, Craig, let's move on so we can take some other questions.

對不起，克雷格，讓我們繼續，這樣我們可以回答一些其他問題。

Thanks a lot, Craig.

非常感謝，克雷格。

Thanks.

謝謝。

Your next question comes from the line of Hans Mosesmann with Raymond James.

您的下一個問題來自 Hans Mosesmann 和 Raymond James。

Hi, this is Brian Peterson stepping in for Hans.

嗨，我是布賴恩·彼得森（Brian Peterson）接替漢斯（Hans）。

I wanted to follow up on this 28-nanometer issue.

我想跟進這個 28 納米問題。

Just to be clear, this is specific to 28-nanometers for GPU's for NVIDIA, or is this across the industry for TSMC?

需要明確的是，這是針對 NVIDIA 的 GPU 的 28 納米，還是針對台積電的整個行業？

This is -- I guess the rest of the industry will have to speak for themselves.

這是 - 我想這個行業的其他人將不得不為自己說話。

Well my guess is that this is across the industry.

好吧，我的猜測是，這是整個行業。

This 28-nanometer is still early in it's maturing.

這個 28 納米還處於成熟的早期階段。

There aren't that many 28-nanometer products in the marketplace as of now, and the number of cycles of learning is not very significant, and the amount of volume is surely not very significant.

目前市場上28納米的產品還不是很多，學習週期的數量不是很大，體積肯定不是很大。

At this point, we're ramping very hard, all of our 28-nanometer products.

在這一點上，我們正在非常努力地提升我們所有的 28 納米產品。

And the yield is much better than 40-nanometer when it first came up.

並且產量比剛出現時的 40 納米好很多。

But it's not as good as we had expected, and in our previous projections.

但這並不像我們預期的那麼好，在我們之前的預測中也是如此。

And so we're going to have to work hard with TSMC and support them, encourage them and wish them well, and get the 28-nanometer yield up as fast as possible.

因此，我們將不得不與台積電一起努力工作並支持他們，鼓勵他們並祝他們一切順利，並儘快實現 28 納米的產量。

Thanks for that.

感謝那。

And just to follow up, you said that you expected attach rates to remain stable going forward.

只是為了跟進，你說你預計附加率將保持穩定。

How do they trend in the January quarter?

他們在 1 月季度的趨勢如何？

We gave that guidance at 20% for Q1, if that's what you're asking.

如果您要問的話，我們在第一季度給出了 20% 的指導。

Your next question comes from the line of Shawn Webster with Macquarie.

你的下一個問題來自麥格理的肖恩韋伯斯特。

Hi, this is Deepon for Shawn.

嗨，我是 Shawn 的 Deepon。

Thanks for taking the question.

感謝您提出問題。

I had a question about pricing going into this quarter, and maybe into the next, if you could talk about desktops and notebook GPU in particular.

我有一個關於本季度定價的問題，如果你能特別談談台式機和筆記本 GPU，可能會進入下一個季度。

Pricing, pricing is expected to be stable and healthy this year.

定價，預計今年定價將穩定健康。

The amount of 28-nanometer capacity in the world is not enough.

世界上28納米的容量是不夠的。

So I think we're expecting 28-nanometer to be constrained through the entire year.

所以我認為我們預計 28 納米將在全年受到限制。

New generations of smartphones, new generations of GPU's are going to drive the demand for 28-nanometer capacity or drive the demand for 28-nanometer devices.

新一代智能手機、新一代 GPU 將推動對 28 納米容量的需求或推動對 28 納米設備的需求。

And so I think you're going it find that this year is going to continue to be tight.

所以我認為你會發現今年將繼續緊張。

We could use more 28-nanometer wafers, and TSMC's management team is working very hard on supporting us with our demand.

我們可以使用更多的 28 納米晶圓，台積電的管理團隊正在努力支持我們滿足我們的需求。

And they're driving cycle times hard, and trying to improve yield.

他們正在努力推動週期時間，並試圖提高產量。

And so all of that is going to improve throughout the year and very steadily throughout the year.

因此，所有這些都將在全年中得到改善，並且在全年中非常穩定。

And if previous generations have been an indication, TSMC will improve their performance incredibly fast.

如果前幾代有跡象表明，台積電將以驚人的速度提高他們的性能。

Thanks for that.

感謝那。

Also if you could talk about channel inventories going into this quarter, do you think there's a lot of build-up, maybe at the low end because of the (inaudible) issue, and maybe about channel inventory and Tegra, as well?

另外，如果您可以談論進入本季度的渠道庫存，您是否認為有很多積累，可能是由於（聽不清）問題而導致的低端庫存，也可能是關於渠道庫存和 Tegra？

Channel inventory is actually okay.

渠道庫存其實還可以。

And there's no -- the channel is being very cautious in loading up, as you can imagine.

而且沒有 - 正如您可以想像的那樣，該頻道在加載時非常謹慎。

And whether it's because of currency volatility in Europe or because of a shortage of disk drives, nobody in the channel is being heroic with respect to loading up inventory.

而且無論是因為歐洲的貨幣波動，還是因為磁盤驅動器的短缺，渠道中沒有人在加載庫存方面表現得非常英勇。

So I think you're going to find that channel relatively lean across the board, and on the high end it's extremely short.

因此，我認為您會發現該頻道總體上相對精簡，而在高端，它非常短。

Your next question comes from the line of Jim Schneider with Goldman Sachs.

您的下一個問題來自高盛集團的 Jim Schneider。

Good afternoon, thanks for taking my question.

下午好，感謝您提出我的問題。

With respect to the attach rates, I think you talked about that being driven lower by the hard drive shortages, so the up price in hard drives being compensated by finding bill of materials shares someplace else.

關於附加費率，我認為您談到了硬盤短缺導致硬盤驅動器價格下降，因此通過在其他地方尋找材料清單來補償硬盤驅動器的上漲價格。

Can you talk about as the hard drive shortage mitigates and those prices come back down, whether you expect the attach rate to go back up?

您能否談談隨著硬盤短缺的緩解和價格回落，您是否預計附加率會回升？

Well, the attach rate, the attach rate of GPUs is driven not by anything other than consumer demand.

嗯，附加率，GPU 的附加率不是由消費者需求驅動的。

And I think that there are fewer PCs sold in Q4 than there was, that we -- the industry had expected.

而且我認為第四季度售出的個人電腦數量少於我們行業預期的數量。

The attach rate of those PCs were sold were stable, and relatively consistent with our model.

售出的這些PC的附加率是穩定的，並且與我們的模型相對一致。

And so your premise, your premise is -- I don't think it's correct, and attach rate seems to be stable, the number of PCs sold is reduced.

所以你的前提，你的前提是——我不認為這是正確的，而且附加率似乎很穩定，銷售的個人電腦數量減少了。

Some people think it's cannibalization of smartphone and tablets and other devices, but disk drive surely played a role in that, as well.

有些人認為這是對智能手機、平板電腦和其他設備的蠶食，但磁盤驅動器肯定也在其中發揮了作用。

So when the disk drive supply resumes, my sense is that consumers' demand will return to what they were, GPU attach will remain stable.

因此，當磁盤驅動器供應恢復時，我的感覺是消費者的需求將恢復到原來的水平，GPU 連接將保持穩定。

Understand, thank you.

明白了，謝謝。

And then as a followup, in terms of OpEx, I think the $1.562 billion implies a little uptick, as we move throughout the year.

然後作為後續行動，就運營支出而言，我認為 15.62 億美元意味著隨著我們全年的發展而略有上升。

Could you talk about where the incremental spending is being allocated toward?

你能談談增量支出的分配方向嗎？

Just one clarification.

只是一個澄清。

That's on a GAAP basis, the $1.56 billion, it's $1.4 billion on a non-GAAP.

這是在 GAAP 基礎上的 15.6 億美元，在非 GAAP 基礎上是 14 億美元。

It's unchanged from our previous guidance, and what we've told you before.

它與我們之前的指導以及我們之前告訴過您的內容沒有變化。

The increase in investment, relative to last year on an absolute basis, has to do with the fact that we're investing a lot more in mobile devices.

與去年相比，投資的絕對增長與我們在移動設備上的投資增加有關。

This last year was a big year for us.

去年對我們來說是重要的一年。

It was a big year because GPU's grew quite significantly, despite the shortage of disk drives, and softness in the market towards the end of the year.

這是重要的一年，因為 GPU 的增長相當顯著，儘管磁盤驅動器短缺，並且到年底市場疲軟。

But it was a particularly big year for us, because this was the first year that we really engaged a mobile market, and our mobile position really became established.

但這對我們來說是特別重要的一年，因為這是我們真正涉足移動市場的第一年，我們的移動市場地位真正確立。

At this time this last year, no one -- no one thought that we would really be successful in the mobile market as we ended up being.

去年的這個時候，沒有人——沒有人認為我們會像我們最終那樣在移動市場上真正取得成功。

And so I think that today, we have now three generations of Android operating systems and devices behind us.

所以我認為今天，我們已經擁有了三代 Android 操作系統和設備。

We have 10s and 10s of smartphones and 10s of tablets.

我們有 10 到 10 部智能手機和 10 部平板電腦。

We have engagements with nearly every single Tier 1 OEM in the world on the mobile side, as well as on the computing side.

我們與世界上幾乎每一個一級 OEM 在移動端以及計算端都有合作。

And so I think that, this was a pretty big year from that perspective.

所以我認為，從這個角度來看，這是非常重要的一年。

And because of that traction and because of that -- the success we've seen, we think it's really makes sense for us to double down on mobile computing, and go after it in a big way.

由於這種牽引力以及我們所看到的成功，我們認為我們在移動計算上加倍努力並大力追求它真的很有意義。

And so we're going to have a lot more product this year than last.

因此，今年我們的產品將比去年多得多。

And you're going to see that we're going to have tablet devices, as well as tablet processors, as well as integrated processors with modems.

你會看到我們將擁有平板設備，以及平板處理器，以及帶有調製解調器的集成處理器。

So this is -- this is an aggressive investment surely, but it's a very big market opportunity as you know.

所以這是 - 這肯定是一項激進的投資，但正如你所知，這是一個非常大的市場機會。

Your next question comes from the line of Alex Gauna with JMP Securities.

您的下一個問題來自 JMP Securities 的 Alex Gauna。

Thanks you very much for taking my question.

非常感謝你接受我的問題。

I was wondering within the 50% growth you're expecting for Tegra, are you factoring in contribution from Windows 8?

我想知道在您對 Tegra 的 50% 增長預期中，您是否考慮了 Windows 8 的貢獻？

Or -- and if so, how big a contribution might that be?

或者——如果是這樣，那會有多大的貢獻？

We are expecting at least 50% growth, and we are expecting windows 8 contribution, but not nearly the vast majority of it.

我們預計至少有 50% 的增長，我們預計 windows 8 的貢獻，但幾乎不是絕大多數。

And then I was wondering, if you're going to be seeing Tegra 3 ramping in your July quarter, is the early ramp going to be enough to perhaps help the gross margin line, given that it's not going to be, if I'm understanding correctly on the 28-nanometer node?

然後我想知道，如果你打算在 7 月的季度看到 Tegra 3 的增長，那麼早期的增長是否足以幫助毛利率線，因為它不會，如果我正確理解 28 納米節點？

We are going to be ramping Tegra 3.

我們將加速 Tegra 3。

We're ramping Tegra 3 now.

我們現在正在升級 Tegra 3。

So this quarter, Tegra 3 will make a large acquisition.

所以本季度，Tegra 3 將進行大規模收購。

We're expecting Tegra to be up quarter-to-quarter about 50%, as well.

我們預計 Tegra 也將環比增長約 50%。

And so on Tegra 3 is ramping significantly, even into the April quarter.

以此類推，Tegra 3 正在顯著增長，甚至進入四月季度。

And you're right that the gross margins for Tegra 3 is better than our 28-nanometer gross margins in the first quarter.

你說得對，Tegra 3 的毛利率優於我們第一季度的 28 納米毛利率。

And hopefully 28-nanometer yields will improve, and by second or third-quarter time frame, and it won't make any difference.

並且希望 28 納米的產量會提高，到第二或第三季度的時間框架內，這不會有任何影響。

Okay, and last one if I could on the GPU business excluding the professional set, you gave a mix of expecting a down PC market because of the hard disk drive constraints, but market share gains.

好的，最後一個如果我可以在不包括專業設備的 GPU 業務上，你給出了一個混合預期，由於硬盤驅動器的限制，PC 市場會下滑，但市場份額會增加。

Any ballparking on the net of that?

在這網上有什麼說法嗎？

Do you expect on a revenue basis the year to be down, flat, up, can you say at this juncture?

你是否預計今年的收入會下降，持平，上升，你能說這個時候嗎？

Our expectation is that on the net, our discreet GPU business will be up.

我們的期望是，在網絡上，我們謹慎的 GPU 業務將會上升。

And in Q3 timeframe, we were expecting, using industry analyst models of PC industry growth, of 4% to 5%.

在第三季度的時間範圍內，我們使用行業分析師模型預計 PC 行業增長為 4% 至 5%。

I think the -- our estimates now are much lower than that.

我認為 - 我們現在的估計遠低於此。

And so, we assume something lower than that.

因此，我們假設低於此值。

And so we'll see how it turns out in the final analysis, but we're assuming relatively no growth, in the overall PC market.

因此，我們將在最終分析中看到結果如何，但我們假設整個 PC 市場相對沒有增長。

But because we're gaining share, because we continue to grow our professionals business, our discrete GPU business year-over-year will grow.

但是因為我們正在獲得份額，因為我們繼續發展我們的專業業務，我們的離散 GPU 業務將逐年增長。

Your next question comes from the line of Patrick Wang with Evercore.

您的下一個問題來自於 Evercore 的 Patrick Wang。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Jen-Hsun, can you talk a little bit about the competitive dynamics out there and what you see as you compete for Tegra 3 wins?

Jen-Hsun，你能談談那裡的競爭動態以及你在爭奪 Tegra 3 勝利時所看到的嗎？

We're hearing about a lot of competition on pricing and guerrilla tactics out there.

我們聽說有很多關於定價和游擊戰術的競爭。

Can you talk about what you've seen?

你能談談你所看到的嗎？

We haven't met too many guerillas yet, but elephants maybe.

我們還沒有遇到太多游擊隊，但也許是大象。

(Laughter).

（笑聲）。

So let's see.

那麼讓我們看看。

We compete primarily today with Qualcomm.

我們今天主要與高通競爭。

And the reason for that is because, there are three major opportunities in the smartphone marketplace this year, that are really exciting.

之所以如此，是因為今年智能手機市場存在三大令人興奮的機會。

In the United States, of course, LTE is important.

當然，在美國，LTE 很重要。

Outside of the -- and they have a very -- they have the only real integrated solution today, and in fact, they have the only shipping solution today, and so they have a very good position on LTE in the United States.

除了 - 他們有一個非常 - 他們今天擁有唯一真正的集成解決方案，事實上，他們擁有今天唯一的運輸解決方案，因此他們在美國的 LTE 上擁有非常好的地位。

Outside of the United States, where LTE adoption is much further behind, the next major upgrade is quad-core.

在美國以外，LTE 採用率遠遠落後，下一個主要升級是四核。

Today's dual-core phone needs to be upgraded.

今天的雙核手機需要升級。

And so the next major upgrade, the next major superphone, the next major big thing is quad-core.

所以下一次重大升級，下一次重大超級手機，下一次重大事件是四核。

So Tegra 3 is incredibly well-positioned there.

所以 Tegra 3 在那裡的位置非常好。

So outside the United States in Europe particularly, in China, you're going to see quad-core Tegra 3 phones coming out throughout the year.

所以在美國以外的歐洲，特別是在中國，你會看到全年都會出現四核 Tegra 3 手機。

The third growth opportunity is the RMB999 or what some people call the RMB1000 phone.

第三個增長機會是999元，也就是有人說的千元手機。

And this is an affordable, very affordable smartphone with dual-core capability.

這是一款價格實惠、價格實惠的雙核智能手機。

And the way that they describe it, the way the marketplace internalizes it, is a phone that has the capability of an Iphone 4, but is extremely affordable.

他們描述它的方式，市場內部化它的方式，是一款具有 Iphone 4 功能的手機，但價格非常實惠。

That's a great opportunity for us, because Tegra 2 is a fabulous dual-core, and with a 3G modem you could achieve RMB1,000 in China in the near future.

這對我們來說是一個很好的機會，因為 Tegra 2 是一個非常棒的雙核，加上一個 3G 調製解調器，你可以在不久的將來在中國達到 1000 元人民幣。

So that's a pretty exciting opportunity for us, and we're just about to enter into that market opportunity.

所以這對我們來說是一個非常令人興奮的機會，我們即將進入這個市場機會。

And so those are kind of the market opportunities and the competitive dynamics.

所以這些都是市場機會和競爭動態。

It's really primarily, the two of us.

主要是我們兩個。

I think the highest level, the reason for that, has to do with the fact, that in order to be successful in the leading edge in the Tier 1 phones, you need to have a great application processor and a great application processor roadmap.

我認為最高水平，其原因，與這樣一個事實有關，即為了在第 1 層手機中取得成功，您需要擁有出色的應用處理器和出色的應用處理器路線圖。

You need to have a world-class software stack, because the software card of the phones has become the most complicated part.

你需要有一個世界級的軟件棧，因為手機的軟件卡已經成為最複雜的部分。

And the third, going forward, is the ability to integrate a modem.

第三，未來，是集成調製解調器的能力。

And we were fortunate to have purchased Icera last year, and our integrated roadmap is going to be pretty exciting.

我們很幸運去年收購了 Icera，我們的綜合路線圖將非常令人興奮。

Got you.

得到你。

That's helpful.

這很有幫助。

So it sound like you feel like your quad-core features are compelling enough that pricing is -- you're able to maintain kind of strict pricing with your customers.

所以聽起來你覺得你的四核功能足夠引人注目，以至於定價是——你能夠與你的客戶保持嚴格的定價。

Yes.

是的。

We're able to get fair pricing on our Tegra 3.

我們能夠在 Tegra 3 上獲得公平的定價。

Your next question comes from the line of Vivek Arya with Banc of America.

您的下一個問題來自美國銀行的 Vivek Arya。

Thanks for taking my question.

感謝您提出我的問題。

Jen-Hsun, I wanted to address this competitive issue from a different angle, which is from a handset vendor side.

Jen-Hsun，我想從不同的角度來解決這個競爭問題，那就是從手機供應商的角度來看。

So increasingly Apple and Samsung are taking more share in the market versus HTC, Motorola, and others.

因此，與 HTC、摩托羅拉和其他公司相比，蘋果和三星在市場上的份額越來越大。

So Even though Tegra 3 could be a great product, how are you ensuring that you're engaging with the right set of customers?

因此，即使 Tegra 3 可能是一款出色的產品，您如何確保與正確的客戶群互動？

And what real underlying drivers are going into this expectation of 50% growth for this year?

今年增長 50% 的預期有哪些真正的潛在驅動因素？

We're expecting to grow at least 50% this year.

我們預計今年至少增長 50%。

And it comes from three different -- three different, maybe four different sources, if I can break it down.

它來自三個不同的——三個不同的，也許是四個不同的來源，如果我可以分解的話。

One is Tegra 3 phones, one is Tegra 2 phones for the RMB1,000 market, which is the fastest growing in smartphones today.

一款是 Tegra 3 手機，一款是 Tegra 2 手機，售價 1000 元，是當今智能手機中增長最快的手機。

The third is Android tablets, and as you know, we finally were able to put together a tablet that is both exciting, as well as -- tablet architecture that is both exciting with Tegra 3 and Ice Cream Sandwich, as well as affordable.

第三個是 Android 平板電腦，如你所知，我們終於能夠組裝出一款既令人興奮又令人興奮的平板電腦——平板電腦架構既令人興奮，又與 Tegra 3 和 Ice Cream Sandwich 相得益彰，而且價格實惠。

We have been able to reach the $249 price for retail.

我們已經能夠達到 249 美元的零售價。

The fourth is Windows 8 on ARM.

第四個是 ARM 上的 Windows 8。

So these four growth drivers, frankly, this last year, what -- the only thing that really worked super well for us, even on Tegra 2, was smartphones, and that contributed to $360 million in revenues.

因此，坦率地說，這四個增長動力，坦率地說，在去年，唯一真正對我們非常有效的東西，即使是在 Tegra 2 上，也是智能手機，它貢獻了 3.6 億美元的收入。

And so this year, we're expecting smart phones from Tegra 3, from Tegra 2, from Tegra 3 Ice Cream Sandwich tablets as well as Tegra 3 Window on Arm tablets.

所以今年，我們期待來自 Tegra 3、Tegra 2、Tegra 3 Ice Cream Sandwich 平板電腦以及 Tegra 3 Window on Arm 平板電腦的智能手機。

So there's a lot more opportunities for us.

所以我們有更多的機會。

But you're right, that Samsung and Apple are very, very strong.

但你是對的，三星和蘋果非常非常強大。

And so our strategy is actually very, very simple.

所以我們的策略實際上非常非常簡單。

By teaming up with the best partners in the world, we would like to bring great technology to them, and partner with them to build exquisite devices and also to move faster.

通過與世界上最好的合作夥伴合作，我們希望為他們帶來偉大的技術，並與他們合作打造精美的設備並加快行動速度。

We, as an industry have to move a lot faster, and bring competitive solutions to the marketplace more rapidly.

作為一個行業，我們必須加快步伐，更快地將有競爭力的解決方案推向市場。

And so by partnering with HTC, and they're a fantastic company, not suggesting -- not suggesting we announced any products share, but surely a partner like HTC would be fabulous for NVIDIA to partner with.

因此，通過與 HTC 合作，他們是一家了不起的公司，不是建議 - 不是建議我們宣布任何產品份額，但像 HTC 這樣的合作夥伴肯定會是 NVIDIA 的絕佳合作夥伴。

Got it.

知道了。

And If I could perhaps push back on some of those drivers.

如果我可以推遲其中一些驅動程序。

So for instance, the RMB1,000 market, there we have seen the integration with base LAN and connectivity being an attractive feature.

例如，在 1,000 元市場，我們已經看到與基礎 LAN 和連接的集成是一個有吸引力的功能。

So how do you address that?

那麼你如何解決這個問題？

And then on Android tablets, yes, some things are getting better, but outside of the Kindle Fire, we have not seen sales pick up as much, or perhaps that's just my perception of the market.

然後在 Android 平板電腦上，是的，有些事情正在變得更好，但在 Kindle Fire 之外，我們還沒有看到銷量增長那麼快，或者這只是我對市場的看法。

So if you could address those two issue also?

那麼，如果你也能解決這兩個問題呢？

Thank you.

謝謝你。

Well, the RMB1,000 market has a lot of segments underneath that.

嗯，1000元市場下面有很多細分市場。

And at RMB1,000, you really need to have a world-class phone.

1000元，你真的需要一部世界級的手機。

And right now there just isn't a very good solution for a world-class, high-performance dual-core processor with integrated 3G modem.

現在還沒有一個很好的解決方案來集成世界級的高性能雙核處理器和 3G 調製解調器。

And surely there's RMB500 phones, and they have low-end integrated solutions with 3G.

而且肯定有500元的手機，他們有3G的低端集成解決方案。

But nothing sufficiently good at the RMB1,000, to be able to claim that it's as good as an Iphone 4, but at a much more affordable price.

但是，1000 元的價格沒有什麼好到可以說它和 Iphone 4 一樣好，但價格要實惠得多。

So that segment, where you need to have a world-class high-performance dual-core processor like Tegra 2, and a great software stack along with 3G modems are, as you know, affordable and abundant, and they've been around for many years, integrating those together, on a build material is not too difficult.

因此，您需要擁有像 Tegra 2 這樣的世界級高性能雙核處理器以及出色的軟件堆棧以及 3G 調製解調器的細分市場，如您所知，價格實惠且豐富，而且它們已經存在了多年來，將這些整合在一起，在構建材料上並不太難。

And so that's one.

這就是其中之一。

With respect to the tablets, Amazon Fire is a really interesting product and a great e-Reader.

就平板電腦而言，Amazon Fire 是一款非常有趣的產品，也是一款出色的電子閱讀器。

But our belief is that there's a marketplace for tablet that are much more general purpose.

但我們的信念是，有一個更通用的平板電腦市場。

I think the ASUS Transformer Prime is the first example of a tablet that can really demonstrate differentiation, and people love it.

我認為華碩 Transformer Prime 是第一個能夠真正展示差異化的平板電腦，人們喜歡它。

And it's, frankly, my favorite computer now.

坦率地說，它是我現在最喜歡的電腦。

And it's a lot of other people's favorite computers.

它是很多其他人最喜歡的計算機。

It is a tablet sometimes, it's a full notebook PC sometimes, and the performance is really terrific.

有時是平板電腦，有時是完整的筆記本電腦，性能真的很棒。

So I think Ice Cream Sandwich addressed a lot of the challenges that the tablet industry had, Android had last year, with fragmentation.

因此，我認為 Ice Cream Sandwich 解決了平板電腦行業面臨的許多挑戰，Android 去年面臨的碎片化問題。

But now with Ice Cream Sandwich, your phone is Ice Cream Sandwich, your tablet is Ice Cream Sandwich, all the applications that come off of the marketplace can work on both.

但是現在有了冰淇淋三明治，你的手機就是冰淇淋三明治，你的平板電腦就是冰淇淋三明治，市場上的所有應用程序都可以在兩者上運行。

So I think the unification, it is the only operating system that allows that today, and so that's -- that I think is a great advance for the tablet market.

所以我認為統一，它是今天唯一允許這樣做的操作系統，所以我認為這對平板電腦市場來說是一個巨大的進步。

And then lastly, at $249, if we can bring a quad core, if we can bring Tegra 3 to $249.

最後，249 美元，如果我們能帶來四核，如果我們能把 Tegra 3 帶到 249 美元。

And for those people who have seen it and have touched it, that tablet's going to sell like hotcakes we believe, because it's the right price point, it's completely general purpose, and it's state-of-the=art.

對於那些看過並接觸過它的人來說，我們相信這款平板電腦會像熱蛋糕一樣暢銷，因為它的價格合適，完全通用，而且它是最先進的。

So we have reasons to believe that this tablet market is far from over, and that there's a lot of interesting opportunities and differentiation to be brought to this market yet.

所以我們有理由相信這個平板電腦市場遠未結束，還有很多有趣的機會和差異化將被帶到這個市場。

Your next question comes from the line of Glen Yeung with Citi.

您的下一個問題來自花旗的 Glen Yeung。

Just two questions.

就兩個問題。

The first one is maybe just some clarification from you, Jen-Hsun.

第一個可能只是你的一些澄清，Jen-Hsun。

I think I'm hearing that GPU demand is being impacted by a combination of lower PC demand from hard drive shortages, hard drive ASP's squeezing out GPUs for bill of materials, and then a shortage of capacity from 28-nanometer.

我想我聽說 GPU 需求受到硬盤短缺導致的 PC 需求下降、硬盤 ASP 擠出 GPU 的材料清單以及 28 納米容量短缺的綜合影響。

Can you just give us a sense, maybe rank those in terms of what's most impactful to sales and versus least?

您能否給我們一個感覺，也許根據對銷售影響最大和最不影響的因素對它們進行排名？

28-nanometer shortage.

28納米短缺。

I could use more 28-nanometer wafers today.

我今天可以使用更多的 28 納米晶圓。

So that's the most impactful?

那麼這是最有影響力的嗎？

My estimate for the year for top line and gross margins would be 28-nanometer.

我對當年收入和毛利率的估計是 28 納米。

Okay.

好的。

But I'm --

但是我 -

That's where all of our -- that's where all of our new GPU's are going.

這就是我們所有人的地方——這就是我們所有新 GPU 的去向。

I'm asking, just specifically for first quarter, for the April quarter, though.

不過，我只是專門針對第一季度和四月季度問的。

What you think the impact is greater, from that shortage, from ASPs and hard drives, or from shortages of PCs because of hard drives?

您認為影響更大的是，是因為短缺、ASP 和硬盤驅動器，還是因為硬盤驅動器導致 PC 短缺？

About the same.

差不多。

I mean, it's -- I haven't thought of it that way, but it's about the same.

我的意思是，它是 - 我沒有那樣想過，但它大致相同。

But from a gross margin perspective, obviously, much more from 28-nanometer.

但從毛利率的角度來看，顯然更多來自 28 納米。

Right.

正確的。

Okay.

好的。

And the --

還有——

Those are problems that are going to get solved for the whole industry.

這些都是將要為整個行業解決的問題。

Right.

正確的。

I think as the industry, as TSMC ramps more and more 28-nanometers, their capacity would increase, and yields would increase, and their cycle times will reduce.

我認為隨著行業的發展，隨著台積電越來越多地採用 28 納米，它們的容量會增加，產量會增加，而且它們的周期時間會減少。

And this is a world-class company, and Morris and the management team are all over it.

而且這是一家世界級的公司，莫里斯和管理團隊都在這上面。

And they're doing everything in their power.

他們正在盡其所能。

And if history is any indication and it tends to be, they're going to work their way into a fabulous node here any time.

如果歷史有任何跡象而且往往是這樣的話，他們隨時都會在這裡進入一個神話般的節點。

And so we have just started ramping in the last several months.

所以我們在過去的幾個月裡才剛剛開始加速。

And so the Q1, Q1 is kind of a bit of a transition quarter for us.

所以第一季度，第一季度對我們來說有點像一個過渡季度。

But I'm very confident, that we'll work through the 28-nanometer yield issues.

但我非常有信心，我們將解決 28 納米良率問題。

Okay.

好的。

And as a follow-up, I hear you when you say at least 50% growth in Tegra.

作為後續，當你說 Tegra 至少增長 50% 時，我聽到了你的聲音。

But your guidance there is nonetheless, substantially lower than what your original guidance was.

但是您的指導仍然大大低於您最初的指導。

Can you just kind of walk through the delta here?

你能在這裡穿過三角洲嗎？

Is it that you're pushing forward your expectation, or do you think there's some lost business that you simply can't gain back?

是你在推動你的期望，還是你認為有一些失去的業務你根本無法挽回？

There is one major delta from -- I'm glad you asked.

有一個主要的三角洲——我很高興你問了。

There's one major delta from last -- from our previous guidance.

與上次相比，有一個主要的增量——來自我們之前的指導。

About, I would say a couple quarters ago, I would have thought that on balance that Samsung was one of our largest customers, as they were last year.

關於，我會說幾個季度前，我會認為三星是我們最大的客戶之一，就像去年一樣。

But looking forward, my sense is, on balance Samsung will use their own application processors.

但展望未來，我的感覺是，總的來說三星將使用自己的應用處理器。

They will dabble outside probably, and they'll use outside application processors like ours, whenever their own can't serve their needs.

他們可能會涉足外部，當他們自己的處理器無法滿足他們的需求時，他們會使用像我們這樣的外部應用處理器。

But on balance, they're going to try to use their own.

但總的來說，他們將嘗試使用自己的。

So that's the big delta that I've taken off of my guidance.

這就是我從指導中刪除的大三角洲。

Okay.

好的。

Thanks.

謝謝。

Your next question comes from the line of Craig Berger with FBR Capital Market.

您的下一個問題來自 FBR Capital Market 的 Craig Berger。

Good evening.

晚上好。

Thanks for taking my questions.

感謝您提出我的問題。

Jen-Hsun, so with the hard drive impacting GPU shipments now, what do you think revenues would be in the first quarter, if there were no shortages?

Jen-Hsun，現在硬盤影響 GPU 出貨量，如果沒有短缺，您認為第一季度的收入會是多少？

And do you expect that to come back as good news, and met pent-up demand later this year?

你是否認為這會成為好消息，並在今年晚些時候滿足被壓抑的需求？

Gosh, we just didn't really do that analysis.

天哪，我們只是沒有真正做那個分析。

But if you think along the lines of what we currently guided, versus a typical Q1 in some of that, call it, we're $100 million plus short.

但如果你按照我們目前的指導思路思考，而不是典型的第一季度，稱之為，我們有 1 億美元加上空頭。

And call some of that, resulted from 28-nanometer yield shortage, and some of that, resulting from disk drives shortage, and call it half and half.

並稱其中一些是由於 28 納米產量短缺造成的，而另一些是由於磁盤驅動器短缺造成的，並稱之為一半一半。

So if you were just to take a swag at it, about $50 million.

所以，如果你只是想花點錢，大約 5000 萬美元。

Okay.

好的。

And then just as a follow-up, can you update us on the CFO search, and also update us on Icera?

然後作為後續行動，您能否更新我們關於 CFO 搜索的信息，並更新我們關於 Icera 的信息？

You talked about it briefly with the roadmap.

你用路線圖簡要地談到了它。

When might we expect an integrated product, and also do you expect to ship base bans in the phones in calendar '12?

我們什麼時候可以期待一個集成產品，您是否希望在 '12 日曆中在手機中發布基本禁令？

Thank you.

謝謝你。

Sure.

當然。

We are doing a CFO search.

我們正在尋找首席財務官。

We have many interested candidates.

我們有很多感興趣的候選人。

I haven't decided on one yet.

我還沒有決定一個。

And the reason for that is, because I think Karen and the financial team are doing a fabulous job.

原因是，我認為凱倫和財務團隊做得非常出色。

And I have a very -- it allows me to be very choosy, and to set a very, very high bar.

而且我有一個非常 - 它允許我非常挑剔，並設置一個非常非常高的標準。

And so, if you do know of someone, ask them to call me, but we have a lot of very interested candidates.

因此，如果您確實認識某人，請讓他們給我打電話，但我們有很多非常感興趣的候選人。

Icera.

伊塞拉。

Icera is going to prove to be one of the smartest and one of the best acquisitions in our history.

Icera 將被證明是我們歷史上最聰明和最好的收購之一。

We are -- we will have shipping modems this year for sure.

我們是——我們肯定會在今年推出調製解調器。

And hopefully, hopefully sooner than later.

並希望，希望早於晚。

And then, our plan is to integrate our application processor, which as you know, is already one of the best in the world.

然後，我們的計劃是集成我們的應用處理器，如您所知，它已經是世界上最好的處理器之一。

And a -- the Icera modem into an integrated product for the mainstream LTE market.

還有一個——Icera 調製解調器成為主流 LTE 市場的集成產品。

And so we're doing that as quickly as we can.

因此，我們正在盡可能快地做到這一點。

And that's one -- that's one of the reasons why we're investing heavily in OpEx, is so that we could build this class of products for a much larger marketplace, much larger market opportunity for us.

這就是一個 - 這就是我們在 OpEx 上進行大量投資的原因之一，以便我們可以為更大的市場構建此類產品，為我們提供更大的市場機會。

Your next question comes from the line of Rajvindra Gill from Needham & Company.

您的下一個問題來自 Needham & Company 的 Rajvindra Gill。

Yes.

是的。

Sorry if I missed it.

對不起，如果我錯過了。

Did you actually provide a revised annual guidance in tomorrow of a number, an actual number range?

您是否真的在明天提供了一個數字的修訂年度指導，一個實際的數字範圍？

We did provide -- we did provide new guidance.

我們確實提供了——我們確實提供了新的指導。

We did not give you a specific number.

我們沒有給你一個具體的數字。

And the reason for that is, because it ultimately depends on your estimates of the PC market, and the disk drive, how long the disk drive shortage is going to last.

原因在於，這最終取決於您對 PC 市場和磁盤驅動器的估計，磁盤驅動器短缺將持續多久。

We're not better predictors at that than other analysts.

在這方面，我們並不是比其他分析師更好的預測者。

And we've taken it to a more conservative range ourselves.

我們自己已經把它帶到了一個更保守的範圍。

But if you applied that, your estimates of that, to some of the comments that Karen made earlier, you can come up with some estimates.

但是，如果您將您對此的估計應用到凱倫早些時候發表的一些評論中，您就可以得出一些估計。

Okay?

好的？

Thank you.

謝謝你。

I guess last question real quick.

我想最後一個問題真的很快。

In terms of the percentage of your GPU portfolio, that's on kind of 28-nanometer, any guess-timation there?

就你的 GPU 產品組合的百分比而言，大約是 28 納米，有什麼猜測嗎？

And then kind of what are the projections to going forward?

然後對未來的預測是什麼？

It depends on the capacity that gets freed up.

這取決於釋放的容量。

We would like to put as much of it as possible to 28-nanometer.

我們希望將其盡可能多地用於 28 納米。

But if we don't have enough capacity, as we currently do not have, and we would keep some of our GPU's at 40-nanometer.

但是，如果我們沒有足夠的容量（目前還沒有），我們會將部分 GPU 保持在 40 納米。

So it just depends on capacity.

所以只看能力。

I think we have time for one more question.

我想我們還有時間再問一個問題。

Okay.

好的。

Your next -- your final question comes from the line of Raj Seth with Cowen and Company.

你的下一個問題——你的最後一個問題來自 Cowen and Company 的 Raj Seth。

Hi, this is Simran Brah calling in for Raj Seth.

嗨，我是 Simran Brah 打電話給 Raj Seth。

I had a couple of quick ones.

我有幾個快速的。

Firstly, given that your Tegra business has some scale now, how are you thinking about margins in that business going forward?

首先，鑑於您的 Tegra 業務現在有一定規模，您如何看待該業務未來的利潤率？

And secondly, what are the key growth tunes for your professional workstation business in 2012, and is 10% to 15% still the right range to think about annual growth for that business?

其次，您的專業工作站業務在 2012 年的主要增長點是什麼，10% 到 15% 仍然是考慮該業務年度增長的正確範圍嗎？

Thank you.

謝謝你。

Thank you, Simran.

謝謝你，西姆蘭。

Let's see.

讓我們來看看。

The first question with respect to Tegra, we expect our gross margins to be in the range of the corporate average.

關於 Tegra 的第一個問題，我們預計我們的毛利率將在公司平均水平的範圍內。

And our estimates are that, it would be around that area plus or minus.

我們的估計是，它會在那個區域上下左右。

Okay, nothing dramatically different.

好吧，沒什麼大不同。

Second is growth opportunities for PSG.

其次是PSG的增長機會。

In the area of work stations, we introduced a concept called Maximus, a new -- not a concept, a platform technology called Maximus.

在工作站領域，我們引入了一種叫做 Maximus 的概念，一種新的——不是概念，一種叫做 Maximus 的平台技術。

And it allows for the workstation to not only visualize, but it also allows it to compute.

它不僅允許工作站進行可視化，還允許它進行計算。

So you could do simultaneous simulation of fluid dynamics, while seeing the fluid flow over a structure like a car or motorcycle or whatever, in real time.

因此，您可以同時模擬流體動力學，同時實時查看流體在汽車或摩托車等結構上的流動。

And so Maximus has received been received fantastically.

因此，Maximus 受到了熱烈的歡迎。

And our hope is that more and more workstations will have not just one GPU inside for visualization, but two GPU's, one for visualization and one for simulation.

我們希望越來越多的工作站內部不僅有一個用於可視化的 GPU，而是兩個 GPU，一個用於可視化，一個用於模擬。

This year is also the year of Kepler.

今年也是開普勒年。

It's been two and half years since Fermi, and supercomputers and super computing centers around the world are waiting anxiously for Kepler to launch, so that they can upgrade their supercomputers.

從費米到現在已經兩年半了，全世界的超級計算機和超級計算中心都在焦急地等待著開普勒的發射，這樣他們就可以升級自己的超級計算機了。

So that's a growth opportunity for us.

所以這對我們來說是一個增長機會。

In the area of -- in the area of high-performance computing as well, we're hoping that the work that we've done to make Tesla much easier to program for, it's called OpenAcc.

在高性能計算領域，我們希望我們所做的工作讓特斯拉更容易編程，它被稱為 OpenAcc。

It's a technique called Directives, making it super easy for software programmers to take advantage of GPU computing, and we've worked with the industry on that.

這是一種稱為指令的技術，使軟件程序員可以非常輕鬆地利用 GPU 計算，我們已經與業界合作。

It's an open standard.

這是一個開放的標準。

So we're excited about the developments of that, the response has been fabulous.

所以我們對它的發展感到興奮，反應非常好。

And hopefully that -- that making GPU computing easier to program, will also increase it's adoption.

希望這 - 使 GPU 計算更容易編程，也將增加它的採用。

So those are some of the growth initiatives that we have going.

這些是我們正在進行的一些增長計劃。

And our expectation is that Quadro and Tesla in combination with PSG will deliver a record year again this year.

我們的預期是，Quadro 和特斯拉與 PSG 的結合將在今年再次創下紀錄。

Great.

偉大的。

Thank you.

謝謝你。

Okay.

好的。

Thank you, Simran.

謝謝你，西姆蘭。

I think we're out of time for today.

我想我們今天沒時間了。

Thank you, everyone.

謝謝大家。

We look forward to talking to you next time about our Q1 results.

我們期待下次與您討論我們的第一季度業績。

This concludes today's teleconference.

今天的電話會議到此結束。

You may now disconnect at this time.

您現在可以斷開連接。